AqueSys, Inc. Closes $35M Series C Round

IRVINE, Calif., June 29 /PRNewswire/ -- AqueSys, Inc., a medical device company that develops, manufactures and distributes proprietary implants for glaucoma, today announced that it has secured $35 million in Series C financing. The round was led by Longitude Capital and Rho Ventures, with participation from existing investors Accuitive Medical Ventures, The Carlyle Group and SV Life Sciences.

The AqueSys implant has the promise to halt glaucoma-related vision loss through a broadly adoptable 10-minute procedure. Glaucoma is the world's No. 2 cause of blindness and affects more than 60 million people worldwide.

According to AqueSys, Inc. President and CEO Ron Bache, "AqueSys is very pleased to raise this significant round with this group of premier venture capital and private equity partners. The Series C raise is designed to build upon the promising clinical results our proprietary technology has generated in multiple patient populations. We are well capitalized to achieve our clinical, regulatory and commercial goals."

"As an ophthalmologist who specializes in glaucoma, preserving my patients' vision requires optimal control of eye pressure through early and safe intervention," said Richard A. Lewis, M.D., past president of the American Glaucoma Society. "The AqueSys implant represents a promising new solution for my glaucoma patients."

Juliet Bakker, managing director of Longitude Capital, said, "We look for investments in companies that have breakthrough medical technologies in large markets with unmet needs. The glaucoma pharmaceutical and surgical market is about $4.5 billion.  However, pharmaceutical solutions for glaucoma can be costly, are a challenge for patient compliance and often fail to control progression of the disease and most surgical solutions are invasive and have significant adverse events. We believe the AqueSys procedure offers the possibility of a safe and effective minimally invasive surgical glaucoma treatment that can, in time be offered to patients who need surgery as well as to those who are not able or willing to comply with their pharmaceutical regimen."  

"Glaucoma is an enormous healthcare problem and a leading cause of blindness, and it represents a significant unmet medical need for both patients and ophthalmologists.  The AqueSys technology and procedure have clinically demonstrated the potential to meet that unmet need and should offer tremendous value to all stakeholders in the healthcare system," said Gregory Grunberg, M.D., of Rho Ventures.

About AqueSys

AqueSys, Inc. is a privately-held company headquartered in Irvine, California. The company is focused on the research, development, manufacturing and distribution of implantable devices used to treat patients with the sight-threatening disease, glaucoma.

About Longitude Capital

Longitude Capital is a venture capital firm based in Menlo Park, CA and Greenwich, CT that invests in medical device and biotechnology companies. The firm is currently investing its inaugural $325 million fund. www.longitudecapital.com

About Rho Ventures

Founded in 1981, Rho Ventures' multi-stage investing strategy focuses on high-growth companies in large markets that disrupt traditional value chains. Rho Ventures' investments span new media, healthcare, information technology and energy technology. The firm has offices in New York City, Palo Alto, Calif., and Montreal, and has more than $2 billion under management. For more information, visit www.rho.com.

About Accuitive Medical Ventures

AMV is a venture capital firm with committed capital of $230 million. The firm's market driven investment strategy focuses on disruptive, early stage medical device and biotechnologies. We have offices in Palo Alto, CA, Atlanta, GA, Rochester, MN. For more information, visit www.amvpartners.com

About The Carlyle Group

The Carlyle Group is a global alternative asset manager with $90.5 billion of assets under management committed to 67 funds as of March 31, 2010. Carlyle invests across three asset classes - private equity, real estate and credit alternatives -  in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $60.6 billion of equity in 969 transactions for a total purchase price of approximately $233.0 billion. The Carlyle Group employs more than 880 people in 19 countries. In the aggregate, Carlyle portfolio companies have more than $84 billion in revenue and employ more than 398,000 people around the world. www.carlyle.com.

About SV Life Sciences

SV Life Sciences is a leading international life sciences venture capital firm. SVLS affiliated funds have been investing in life sciences companies since the early 1980s and the firm closed its first dedicated life sciences fund in 1994. The SVLS team manages five venture capital funds and a publicly traded investment trust with approximately $2 billion of capital under management. The firm employs a diversified strategy within life sciences in order to selectively capitalize on an expanding opportunity in biotech, medical devices and health care services. The SVLS health care services team is seeking to invest $5 million to $35 million in high growth, profitable health care services businesses with proven management teams. SVLS has offices in Boston, London and San Francisco. For more information, please visit the company's website at http://www.svlsa.com.

SOURCE AqueSys, Inc.